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How do you find a good mortgage specialist?

85 Comments · Mortgage

Today’s economy continues to frighten many homeowners into taking a serious look at their mortgages.

Many homes are no longer worth what they were when they were purchased and owners are deciding what options they may have.

How do you know if you are getting ripped off?

There are scammers all over and many have absolutely no problem with taking your hard earned money from you in the guise of helping homeowner’s save not only their homes but also repair their credit scores.

These scammers prey on the economic instability people continue to face as we go forward into the new decade.

Things to be aware of when looking for a loan modification specialists:

The honest loan modification companies will not ask for money before they provide a service to you. They don’t ask you to pay a fee to visit with your mortgage lender or your creditors to help you out.

You should look out for those companies that want to charge you fees to negotiate with your lenders and creditors only to accept the first thing the lender offers, or not really working for the consumer’s best financial advantage. If you suspect them don’t use them.

Take some time to learn about all the industry has to offer and the different options available to you as the consumer.

Get references from potential morgage modification specialists, check with the Better Business Bureau to make sure they are following guidelines and procedures set up with your specific state.

If you are looking for a loan modification specialist for your mortgage make sure to contact multiple companies not just your lender.

Reputable companies will be happy to assist you and even give you pointers on the best options available to you; such as the federal program for homeowner’s assistance or Making Home Affordable program.

Your state may also offer a program to help you. Be smart with your money and your credit.

Be aware and remember a few simple things:

• If you are being charged up front for a service not yet provided it is probably a scam.
• If detailed questions aren’t asked your best interest is not a priority.
• Only a lawyer is legally allowed to ask for payment before services are actually rendered.
• Banks have been offering sneaky modification programs only to foreclose on the property in the end.
• Ask friends if they know of anyone they would be willing to refer. Ask people who are in the business. Just make sure you talk to multiple loan modification specialists before you decide.
• It’s your money, your life, and staying in control of that is your protection.

Look around to find advice and someone you trust.

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